| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,183 |
| Shareholders' arrears receivable | 51 |
| Miscellaneous receivables | 47 |
| Prepaid expenses (Page 12) | 2,550 |
| Contract work in progress (Note 13) | 137 |
| Reserve fund (Page 12) | 8,466 |
| Total current assets | 12,435 |
| Land, Building and Equipment (Note 2) | |
| Land | 28,977 |
| Building | 86,932 |
| Building improvements | 25,814 |
| Fixed equipment | 297 |
| Oil burner | 292 |
| Total land, building and equipment | 142,312 |
| Less: accumulated depreciation | 96,991 |
| Net land, building, equipment | 45,321 |
| TOTAL ASSETS | 57,756 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,023 |
| Maintenance received in advance | 123 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 85 |
| Mortgage note payable- current (Note 3) | 1,967 |
| Total current liabilities | 4,198 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 21,791 |
| Total long term liabilities | 21,791 |
| Total liabilities | 25,989 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 875 |
| Paid in capital | 92,200 |
| Accumulated deficit | (61,308) |
| Total stockholders equity | 31,767 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 57,756 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 21,686 |
| Shareholder operating assessment (Note 9) | 1,837 |
| Laundry income | 125 |
| Interest and dividend income | 58 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 23,716 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,752 |
| Operating expenses (Page 13) | 6,694 |
| Maintenance expenses (Page 14) | 1,902 |
| Taxes (Page 14) | 10,878 |
| Financial expenses (Page 14) | 943 |
| Total Expenses | 22,168 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,547 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (993) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 554 |
| Beginning accumulated deficit | (61,862) |
| Ending accumulated deficit | (61,308) |